CIT v. Simit Sheth

56 ITR 451High Court#16029 most cited
6

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2018.

Judgments citing CIT v. Simit Sheth

KANADE ANAND UDYOG P.LTD,MUMBAI vs. ITO 6(2), MUMBAI

In the result, appeal filed by the assessee is partly allowed

ITA 3842/MUM/2016[2009-10]Status: DisposedITAT Mumbai18 Jul 2018AY 2009-10

Bench: Shri Mahavir Singh() & Shri G Manjunatha ()

Section 139(1)Section 143(2)Section 143(3)Section 145Section 147Section 148Section 69C

…us purchases. The Hon’ble Gujarat High Court in the vase of Vijay Protiens Ltd vs CIT 2015 TMI 828 (Gujarat HC) has held that in the case of bogus purchases, profit element embedded in such purchases can only be added. In yet another case, in Simit P Sheth 56 ITR 451 (Guj), the 11 ITA 3842/Mum/2016 Hon’ble Gujarat High Court held that no uniform yardstick can be adopted for estimation of net profit on bogus purchases. The co- ordinate benches of ITAT, in a number of cases have taken a consistent view and directed the assessing officers to estimate 12.5% to 15% profit on alleged bogus purchases, depending u…

SCIENTIFIC DEVICES (BOMBAY) P.LTD,THANE vs. ACIT CIR 3, THANE

In the result, appeals filed by the assessee for both the assessment years are partly allowed and appeals filed by the revenue for both the assessment years are dismissed

ITA 2708/MUM/2017[2010-11]Status: DisposedITAT Mumbai31 Jan 2018AY 2010-11

Bench: Shri Saktijit Dey () & Shri G Manjunatha ()

Section 143(2)Section 147Section 69C

…Hon’ble Gujarat High Court in the case of Vijay Proteins Ltd vs CIT (2015) TMI 828 (Guj High Court) under similar set of facts has upheld estimation of net profit of 15% on bogus purchases. The Hon’ble Gujarat High Court in the case of CIT vs Simit P Sheth 56 ITR 451 (Guj) has held that no uniform yardstick could be applied to estimate net profit because of various nature of risk involved in various types of business and net profit depends upon facts of each case. The ITAT, Mumbai Bench in a number of cases have taken a consistent view and estimated net profit of 12.5% on bogus purchases. The sum and substan…

DCIT CIR 3, THANE vs. SCIENTIFIC DEVICES (BOMBAY) P.LTD, THANE

In the result, appeals filed by the assessee for both the assessment years are partly allowed and appeals filed by the revenue for both the assessment years are dismissed

ITA 2697/MUM/2017[2010-11]Status: DisposedITAT Mumbai31 Jan 2018AY 2010-11

Bench: Shri Saktijit Dey () & Shri G Manjunatha ()

Section 143(2)Section 147Section 69C

…Hon’ble Gujarat High Court in the case of Vijay Proteins Ltd vs CIT (2015) TMI 828 (Guj High Court) under similar set of facts has upheld estimation of net profit of 15% on bogus purchases. The Hon’ble Gujarat High Court in the case of CIT vs Simit P Sheth 56 ITR 451 (Guj) has held that no uniform yardstick could be applied to estimate net profit because of various nature of risk involved in various types of business and net profit depends upon facts of each case. The ITAT, Mumbai Bench in a number of cases have taken a consistent view and estimated net profit of 12.5% on bogus purchases. The sum and substan…

ASST CIT 19(3), MUMBAI vs. VISHAL DIAMONDS, MUMBAI

In the result, all three appeals filed by Revenue are dismissed

ITA 4548/MUM/2015[2012-13]Status: DisposedITAT Mumbai08 Aug 2016AY 2012-13

Bench: Shri Shailendra Kumar Yadav

For Appellant: NoneFor Respondent: Shri Randhir Gupta
Section 133(6)

…and by sustaining the addition to the extent of 12.5% in spite of including that the assessee does not maintain any stock register. 3. Whether the Ld. CIT(A) has erred on facts and in law in relaying on the decision in the case of CIT vs. Simit Sheth(2013) [56 ITR 451(Guj.)] in view of the fact that the said decision may only be applicable in cases where the party has maintained a stock register and has matched its sales vis-a-vis its purchases, which the assessee has failed to do so.” 2.1 Assessing Officer on the basis of information received has found that assessee has shown hawala purchases in various years…

ASST CIT 19(3), MUMBAI vs. VISHAL DIAMONDS, MUMBAI

In the result, all three appeals filed by Revenue are dismissed

ITA 4545/MUM/2015[2009-10]Status: DisposedITAT Mumbai08 Aug 2016AY 2009-10

Bench: Shri Shailendra Kumar Yadav

For Appellant: NoneFor Respondent: Shri Randhir Gupta
Section 133(6)

…and by sustaining the addition to the extent of 12.5% in spite of including that the assessee does not maintain any stock register. 3. Whether the Ld. CIT(A) has erred on facts and in law in relaying on the decision in the case of CIT vs. Simit Sheth(2013) [56 ITR 451(Guj.)] in view of the fact that the said decision may only be applicable in cases where the party has maintained a stock register and has matched its sales vis-a-vis its purchases, which the assessee has failed to do so.” 2.1 Assessing Officer on the basis of information received has found that assessee has shown hawala purchases in various years…

ASST CIT 19(3), MUMBAI vs. VISHAL DIAMONDS, MUMBAI

In the result, all three appeals filed by Revenue are dismissed

ITA 4544/MUM/2015[2008-09]Status: DisposedITAT Mumbai08 Aug 2016AY 2008-09

Bench: Shri Shailendra Kumar Yadav

For Appellant: NoneFor Respondent: Shri Randhir Gupta
Section 133(6)

…and by sustaining the addition to the extent of 12.5% in spite of including that the assessee does not maintain any stock register. 3. Whether the Ld. CIT(A) has erred on facts and in law in relaying on the decision in the case of CIT vs. Simit Sheth(2013) [56 ITR 451(Guj.)] in view of the fact that the said decision may only be applicable in cases where the party has maintained a stock register and has matched its sales vis-a-vis its purchases, which the assessee has failed to do so.” 2.1 Assessing Officer on the basis of information received has found that assessee has shown hawala purchases in various years…

CIT v. Simit Sheth (56 ITR 451) — Cited in 6 Judgments | BharatTax